Articles Tagged with ''business administration''

Over the years, I've had many homeowners read my books and then write to tell me they knew more about their system than the contractors that came to their houses. This was particularly true when it came to steam heating.

A few weeks back I was having a conversation with a plumbing and HVAC contracting business owner. During the beginning of our discussion, he abruptly told me, “I just use ChatGPT to do your job.”

I never started my business with the intention of selling it. In 2005, I started Hornback Plumbing with three employees, and I started the business because I loved plumbing. I have a son who works with me, and I’ve always wanted to pass the baton to him.

Three Things you need to know:

It is always a mystery why more plumbers fail to emphasize drain cleaning — if they offer it at all. Some think it fails to offer enough revenue. Others think it presents too much low-dollar competition. Here are five solid reasons every plumber should offer drain cleaning.

As service business leaders, we often focus blindly on the results — key performance indicators, sales targets and other specific goals. But when it comes to success in any industry, relationships are often much more important than simply reaching a result-based goal. This is especially true for plumbing contractors who need trust and cooperation from our manufacturers, distributors, clients and other partners to succeed call after call, day after day.

Most construction contracting businesses, including plumbing and HVAC companies, are required to secure licenses before they are legally allowed to work in many states. However, the laws and requirements for licensing vary from state to state. One common condition of obtaining a license as a plumber or HVAC technician in most states is to secure plumbing or HVAC bonds. These bonds are required by various states to protect consumers and the state from potential losses caused by an HVAC technician or plumber. Here is some general information about the process of becoming licensed and bonded for plumbing and HVAC contractors.

Because plumbing is one of the most essential building systems, demand for plumbers and excellent plumbing work continues to skyrocket. There are currently more than 480,000 licensed plumbers in the U.S. — a number that is expected to increase by nearly 16% over the next three years to meet current shortages.

The plumbing industry is a stable industry. There is never a shortage of people who need plumbing work on their homes, businesses or apartment complexes, and this constant demand makes owning your own plumbing company an appealing opportunity for many prospective buyers. However, starting your own company from the ground up can be difficult.

There has been a lot of private equity activity in the service trades since the COVID-19 lockdowns. Suddenly, boring old businesses gained monetary sex appeal when they were declared essential and could continue making money while many other local businesses were effectively shuttered. This has led to a land rush for good service contracting businesses and many plumbers have grabbed the brass ring while the grabbing was seen as good.